Banking
Heritage Bank Agent Outlets hits 400, Opens in Badagry
By Modupe Gbadeyanka
In line with the financial inclusion strategy of the Central Bank of Nigeria (CBN) and its determination to capture the alarming number of unbanked market women, artisans and underserved population in the country, Heritage Bank Plc has deepened its retail banking structure by launching agent banking services at the coastal town of Badagry in Lagos State.
This has brought the growing number of the lender’s agent banking base to 400 ‘Corner Shops.’
The new Badagry outlet, called Thy Grace, was unveiled over the weekend to provide a range of financial services to customers in the neighbourhood of Mowo under the Badagry Local Government.
The MD/CEO of Heritage Bank, Mr Ifie Sekibo explained that the bank has continued to set standard in the launching of ‘Corner Shop’ to cater for the need of traders and artisans at different locations across the country.
According to him, the shop is aimed at giving the unbanked, especially in the rural areas the opportunity to enjoy financial services without the risk and stress of walking kilometres in order to visit a bank branch.
Speaking at the commissioning in Badagry, the Zonal Business Coordinator, South-West, South-South, Agent Banking, Heritage Bank, Ms Oluwakemi Adewunmi, described the feat as a major breakthrough that would relieve the people living in the Ikogazebbe community of the stress they hitherto faced in transacting banking services.
She said with the new Agent commissioned to represent Heritage Bank in the locality, banking services would no longer constitute a headache, but rather would be stress-free for all categories of bank customers.
According to her, anybody can benefit from the services of the agent whether you are a customer to Heritage Bank or another bank.
Ms Adewunmi explained that customers can open bank account, deposit cash, transfer money even to other banks and also pay bills. In view of the peculiarity of the community, she disclosed that the agent deploys mobile POS; adding that the device would make the agent make banking services available at the doorsteps of customers.
With the inclusion of Thy Grace, she said Heritage Bank now boasts of about 400 agents it has established in different parts of the country. She commended the agents for their commitment over the past two years that Heritage Bank’s campaign for financial inclusion started.
Her words: “The level of their loyalty is very high and commendable. Our agents maintain a clean record and they have been effective.”
In his remarks after receiving the Certificate of Authorisation to carry out agent banking on behalf of Heritage Bank, Mr Hunyingan Pius Mifrinso, promoter of Thy Grace, commended the bank for the approval given to him.
He assured that the services of his agency would help to bring banking services closer to the host community. Before now, Mr Mifrinso disclosed that for anybody to transact banking services, the person had to travel over a distance of 15km before getting to the nearest bank.
His words: “The Ikogazebbe community is about 15km far from Badagry and for anybody to do a small banking transaction; the person has to travel to Badagry town.” Apart from the time usually wasted in doing that, he said transportation cost a minimum of N400.
Meanwhile, Mr Mifrinso assured that with the new dispensation, the people in the neighbourhood could heave a sigh of relief as banking is now made easy. In order to effectively cover the area, he disclosed that his agency would recruit some roaming agents to comb the community for traders who might not have the time to deposit the proceeds of their sales in banks.
Agent banking is the delivery of financial services outside conventional bank branches, often using non-bank retail agents and relying on technology, such as card readers, point-of–sale (POS) terminal or mobile phones for real time transaction processing. It is an initiative to actualise the CBN’s policy on financial inclusion.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
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